Good evening StockBandits!
Traders returned to a news-packed week today in the mood to buy stocks, apparently not concerned with what the headlines may bring. With the President’s State of the Union address Tuesday night, an FOMC announcement due out Wednesday afternoon, and a slew of earnings reports, there’s no shortage of potential market-moving events.
On an intraday basis, things started out rather slowly with a flat open this morning, followed by a slow grind higher. As the afternoon arrived, the pace of the advance cooled off, but the market did a nice job of maintaining its morning gains, finishing just a short distance from the highs of the session.
Today’s buying now places the burden of proof back on the bears’ shoulders, as the indexes turned back up from short-term pullbacks. That’s not to say this market is free from danger or another turn back down, but simply that the bulls appear intent on reclaiming their spot in the short-term driver’s seat…for now.
I’ll cover my game plan for tomorrow in the video, and as always, feel free to share your own thoughts, trade ideas, and questions down below in the comments section.
Here is tonight’s video:
The Bandit Broadcast Video – Click to Watch!
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Video Stocks Discussed: NAK, NVLS, MGA, CNQ
Swing Trading Candidates:
MGA is in an uptrend but has pulled back quietly within the trend. This offers a potential pivot for another leg higher to begin, so I’ll be a buyer if the trend line is crossed at $58.50. As with all swing trades, my stop and target levels for this trade are found on the Hit List here inside the Hideout.
CNQ recently turned decisively lower on heavy volume, and since then has managed only a small bounce. In the process, a trend line of support has emerged which price is now resting on. A break of the trend line at $42 would suggest another leg lower is starting, so I’ll be going short if that occurs. As with all swing trades, my stop and target levels for this trade are found on the Hit List here inside the Hideout.
Bullish Watch:
DIS, MGA, NAK, BORN, FTK, MCP, ADTN, ATML, MGIC, KBH, CVD, MHP, AMAT, CHK, BRKR, GRT, AFL, VRTX, IPXL, ARW, SODA, RIG, KLAC, SOL, JASO, RJF, YGE, NVLS, EOG
Bearish Watch:
AGU, AEM, SNI, CNQ, INFY, AB, URI
The Hit List is a separate post which contains discussion on open positions and swing trade stops and targets, so be sure to check it for further details on swing trades.
